Quick Answer: How To Convert Credit Card Payment To Emi?

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Can I convert my credit card bill into EMI?

You can either log in two your online account and under the credit cards’ section choose an EMI option, or you could visit the nearest branch of the bank and make a request for converting your credit card bill into EMIs.

How does EMI work on credit card?

Your bank pays the entire amount at once at the time of purchase. This amount is deducted from the overall credit limit on your credit card. When you make payments through no-cost EMIs, the EMI amount each month is restored to your credit limit. Assume you opt for a six-month EMI of Rs 12,000 towards your credit card.

How can I convert Bajaj credit card to EMI?

Bajaj Finserv allows converting credit card payment to easy EMIs in two simple ways:

  1. Call on their toll-free credit card customer care number and request for a conversion of the due amount of your credit card into EMIs.
  2. Or, submit your credit card request online for fast processing.
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Can I pay all EMI of credit card at once?

Repaying all EMIs at once is known as pre-closing the loan account. The loan officer will also intimate you of any pre-closure charges or penalties. Pay the entire balance amount (sum of all pending EMIs + preclosure charges, if any ) using a cheque or DD.

How is EMI amount calculated?

The mathematical formula to calculate EMI is: EMI = P × r × (1 + r)n/((1 + r)n – 1) where P= Loan amount, r= interest rate, n=tenure in number of months.

Is EMI good or bad?

Is an EMI scheme good or bad? Although a good EMI scheme is easy on your wallet, you must try to avoid it as the first option. You may not only be spending more than the actual worth of the product, but also splurging first and then relying on EMI payments is not healthy for your finances.

What are the hidden charges in no cost EMI?

Under the three-month EMI plan, the interest rate charged is 15 per cent and you would have to pay an interest amount of Rs 2,250. Interest is added to product cost.

Actual Cost of the product Rs 15,000
Offer Price under Zero Cost EMI Scheme Rs 17,250
Total Cost to be paid by you via EMI Rs 17,250

Which bank credit card is best for EMI?

Comparison of Credit Card EMI Facility of Different Banks

Banks Interest Rate Applicable (In Per Annum) Minimum Transaction Amount Needed for EMI Conversion (In ₹)
HDFC Bank Starts from 14%
ICICI Bank 13%-15% 3000
Axis Bank 18% 2500
Kotak Mahindra Bank 13.92%-20.04% 2500
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Can I pay my credit card bill through Bajaj EMI card?

Most issuers have their own mobile apps through which you can make credit card payments. For instance, if you are using the versatile Bajaj Finserv RBL Bank SuperCard, then you can pay its bill conveniently via the RBL MyCard application.

How do you foreclose a credit card on EMI?

Ans: There is no foreclosure fees which will be charged, if you want to foreclose a running EMI. But you will have to call our 24-hour Customer Care and request for foreclosure. This is the standard procedure followed.

What is EMI infinity pass?

What is EMI Infinity Pass? Activating EMI Infinity Pass enables you to get unlimited Cashback on your Split ‘n’ Pay processing fee: Flat 100% Cashback of 1st Split ‘n’ Pay processing fee. Exclusive offers on EMI conversion throughout the year.

Can I pay all EMI of SBI credit card at once?

Flexipay is a facility offered to existing SBI credit cardholders to convert their big purchases into easy monthly instalments. Any SBI Card holder, with a transaction greater than ₹ 500 can convert the said transaction into Flexipay within 30 days.

What if I pay my credit card EMI early?

Banks or card issuers may charge you a pre- payment fee if you wish to clear your dues before the end of the loan EMI tenure. Moreover, you may also have to pay off the interest on a pro-rata basis. This means that you need to pay the accrued interest until the day on which the EMI ( loan ) account is closed.

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Can I pay EMI before due date?

Yes, you can pre – pay the loan amount at any time in full or part without any additional charges. Please ensure EMIs are paid on time and pay only additional payment above EMI if your ECS mandate is active when you are paying close to the due date.

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